darick.ca Mortgage Broker Services

Continuing your Personal Growth and Education, Paying attention to Trends, Being able to Adapt, Be as Fearless as possible, Exposing your Creativity, Take Calculated Risks and Invest in yourself.

These philosophies have led me through a lifetime career in Real Estate.

From home renovation, infill housing developments, becoming a licensed Real Estate Broker, Mortgage Broker and CRA appraiser. These same qualities have allowed me to invent my own patent pending game and housing app.

Now these attributes have led to my most recent adventure that takes the qualities of these lifetime achievements and proudly can offer them to you.

Welcome to the introduction of Yellow Brick Group!

www.yellowbrick.ca The future of Canadian Real Estate and Mortgages where all of what I have learned along with those that I have learned with bring real estate and mortgage services to you.

Our team is growing and we are looking for those that want to grow like I have and only be able to offer the very best to those needing Real Estate and Mortgage Services.

Yellow Brick is looking for realtors that want to add mortgages to their quiver of services. We will pay for your Mortgage education and offer industry leading Central Underwriting support. I am ready to take your call. 705 623 8658. [email protected]

Yellow Brick Mortgage and Realty Group - Dual Licensed Real Estate and Mortgage Agents doing more for their clients.
We are Currently recruiting new agents to our Team.
*Special Offer -Free Mortgage Agent Education.
Call me to find out more. 705 623 8658 www.yellowbrick.ca

Our Team of Mortgage Professionals is now Setup to offer clients mortgage products from NEO Financial.
Along with BMO, ScotiaBank, TD Bank, First National, RMG, MCAP, Credit Unions, and over a total of 73 lenders we have available to make sure there are no excuses in getting you the best rate and terms!

Mortgage Broker in Barrie. Over 25 Years in Business. Darick Battaglia Dominion Lending Centres Mortgage Broker in Barrie and Canada. Over 25 years in Service! Mortgage Broker with Competitive Mortgage Rates, Expert Knowledge, Excellent Service, Debt consolidation, Refinance, Home Purchase. Top 1% Dominion Lending Centres Mortgage Broker in Canada. Over 25 years in Service! "When you're lookin...

Real Estate Agents STOP sitting on your hands !!
What is your current broker doing for you?
If the market is slow it is slow.
Now is your chance to take some of this time and get educated, become a licensed mortgage agent, bring more professionalism to your future listing presentations, earn more commission, mine your database for mortgage leads.
We have a centralized underwriting team that makes it super easy to turn your leads into real business and add another touch point to your clients.
We will even pay for you to get educated!
Call us now. We cant wait to hear from you. www.yellowbrick.ca dual licensed agents Real Estate and Mortgages

MORTGAGE RATE AT 0%!!!

We have all seen the Click Bait Low Mortgage rates being offered on the internet.

But 0%!!!….Can that be true?? That is crazy!…isn’t it?

What if I told you it is possible and it is simply accomplished by taking the amount of interest you would have paid a lender at regular rates over the course of a term and prepaying it upfront or by adding it to the mortgage balance.

The “mortgage” rate is 0% but the annual effective borrowing rate% ends up being the very same rate had you taken a standard mortgage.

IT IS the Annual cost of borrowing rate you should be concerned with and not necessarily the mortgage rate. A mortgage broker will always show you the annual cost of borrowing the funds.

This Annual cost of borrowing will be disclosed to you capitalizing any legal fees, appraisal fees, CMHC HST fees, Lender fees etc.

If this does not make sense to you than you should be getting your mortgage advice from a licensed Mortgage Broker Professional that understands and will save you real money.

Is a 2.5% mortgage rate possible today? Yes it is!

Portable and assumable clauses are common terms in Canadian Mortgages and can save a buyer and seller thousands of dollars in mortgage interest and or penalties.

How does this work?
Example:
A seller has a mortgage rate of 2.5% with 2.5 years remaining on the term to maturity. If they break this mortgage they will pay a penalty to the bank and will have to obtain a new higher rate mortgage in return. – result – loss of thousands of dollars.
If the Seller is buying again the alternative is to port the mortgage to the new property or if the seller is not buying again they can have the new buyer of the home assume the mortgage and the new buyer gets the advantage of the lower rate and term.

If additional monies are needed for the new purchase this can be done by way of a port and blend taking the existing mortgage monies at 2.5% and blending it with the new monies at todays rate.

Assuming and porting a mortgage still come with the same qualifying criteria and banking guidelines.

A full application and supporting documents are still required the same as getting a new mortgage.
www.darick.ca

Credit Score Hack to get A lower Mortgage Rate!

A client approached us for a new mortgage to refinance their home for the purposes of debt consolidation…. Note: the following example can be drawn to many different financing scenarios including the qualifying to purchase a home.

The client was desperate and was at the end of his rope due to unforeseen circumstances that led him to use his credit to pay for medical assistance for a family member which subsequently also kept him away from his job for a period of time.

Unfortunately his credit utilization on one mastercard and older credit issues from 6 years ago caused his Equifax credit score to drop below 650. This score is a benchmark minimum with the majority of A lenders offering the lowest rates to obtain financing. Credit utilization meaning that he had maxed out the limits on his credit cards and or lines of credit.

Our options were to Apply to the B lenders with rates at least 1% higher and extra closing fees or find a solution to get the credit score increased and as quickly as possible.

In this scenario we advised that he pay down his credit cards to below their limit In addition We called Equifax and requested that they remove the 6 year old closed credit card that still appeared on his bureau that should no longer be there.

The next day we pulled the credit and VOILA! The 6 year old card no longer appeared and his credit score jumped to over 700 and we were able to get him the lowest rate and payment for his debt consolidation.

Happy Ending for this Client. The lowest possible rate, payment and no extra fees.
www.darick.ca

Have you heard about th Low Cost Homes In New Brunswick?
I have had a wave of clients call me to buy second homes in New Brunswick for as low as $100,000 for a new detached home on full municipal services.
The strategy being to leverage the equity in their current Ontario Home to pay cash for the NB home. Their plan is to rent the home to eventually retire, sell in Ontario and Move to New Brunswick with a pocket full of cash and an affordable retirement lifestyle. Does this sound interesting to you? Call me to discuss your options. www.darick.ca

Are you Selling or Buying a Home?
As a Professional Dual Licensed Real Estate and Mortgage Broker My Team can offer you a low commission structure with no sacrifice to the quality of Service.

We Will Not Waste Your Time
www.yellowbrick.ca
If you would like to Sell/Buy or join our progressive team please call me.

POWER OF SALE!

What happens and are you really getting a good deal? Maybe…. Maybe not……

A Power of sale happens after the Seller(home owner) has run into financial problems and has missed their mortgage payment(s). The lender can take action 15 days after first missed payment.

All expenses incurred by the lender going will be taken from the sale proceeds of the home such as:

Interest payments for the mortgage
Legal fees
Appraisal fees
Property management fees
Realtor fees
Statement fees
NSF fees
Insurance replacement fees
Sheriff – cost to remove a home owner or tenant
Clean up costs

The lender (bank, private lender, etc) will file a claim with the Superior court for judgement against the home owner(s) usually 30 days after the first notice of default. Once judgement is received the lender will hire appraiser(s) to determine the fair market value of the home. Sometimes 3 appraisals will be ordered and averaged.

The lender is under an obligation to the home owner to sell the home at a fair price. Ultimately the courts will determine if it was a fair process. The Homeowner can challenge the process of the sale. Often times the homeowner does not have enough funds to challenge this process.

The home is sold “as is” with no warranties and the buyer assumes all the risk for the condition of the home and property including any environmental concerns.

Once the fair market value is determined the home is put up for sale. The lender hires their own real estate agent. If the home has not sold after 30 days of being listed the lender can begin to reduce the Price of the home until it sells. The lender is under an obligation to ensure they are treating the whole process fairly and can be judged negatively by the courts if not done properly.

Any monies left over after the sale after deducting all expenses are given to the homeowner that was in default.

Hopefully there is money left over. If not than the lender could take a loss. This is often times why a lender will not lend beyond 80% of the original value of the home to account for potential future losses to be taken from the remaining 20% equity.

Bottom line…the original list price of the home is determined through the appraisal process.

In a hot market the appraisal Values could be on par with the rest of the homes listed for sale.

Some appraisers will build in a discount to account for the home being sold “as is” but not necessarily….this is up to the discretion of the appraiser.

Mortgage Rates Feb 16, 2024 - Insured.

5 year fixed - 4.99%
3 year fixed - 5.39%
1 year fixed - 5.19%
Variable - prime less 1% - 6.2%
Expected rates in one year - 1% lower?

Download My award winning Mortgage app and run side by side scenarios to see which is the best for you!

https://dlcapp.ca/app/darick-battaglia/download

Thank you to Dan Blakely for his introduction of www.Househitched.com to his listeners on Barrie 360

have a listen at this link:

https://open.spotify.com/episode/1wxKIyc3W1Krsd8feBNEdq
Matching buyers and renters to enter home relationships.

www.yellowbrick.ca
bringing dual licensed agents together to do more for clients.

Yellow Brick Realty and Yellow Brick Mortgages
www.yellowbrick.ca
Dual Licensed Agents doing more for their clients.
Contact me to find out how to become part of our Progressive team.

At the end of 2023 I assisted a client that was in a Power of Sale situation that leveraged the power of the Reverse Mortgage.

The Reverse Mortgage is becoming more and more popular as those over 55 start accessing the equity in their home to unlock unique financial opportunities. This applies to those on low fixed incomes and even in bankruptcy.

PRESS RELEASE. please share

FOR IMMEDIATE RELEASE
February 1, 2024

Real Estate Expert Darick Battaglia Launches House Hitched an Innovative Solution to the Housing Affordability Crisis

Today, industry veteran Darick Battaglia announces the launch of a new innovative real estate platform aimed at addressing the growing housing affordability crisis in Canada – House Hitched.

House Hitched comes at a critical juncture when the housing affordability crisis is reaching unprecedented levels. Market conditions are not only resulting in challenges for existing property owners and investors, including mortgage defaults – but limiting homeownership achievable for first time homebuyer across the county. Which in turn is having a detrimental impact on the rental market, driving average rental cost far beyond the breaking point for most Canadians.

Challenging the conventional approach, the platform aims to revolutionize the real estate landscape, offering a solution to this growing issue, making homeownership more accessible to a broader demographic.

The heart of House Hitched is the ingenious matching algorithm. It’s like a friendly cupid – matching you with potential partners based on the preferences and criteria from your application. Providing options for homebuyers as well as renters to connect, with each other to secure housing, as well as highly qualified referral partners such as brokers and potential investors.

With over 30 years of experience, Battaglia's multifaceted expertise as a real estate agent, mortgage broker and real estate investor uniquely positions him to spearhead this transformative, ground-breaking, initiative. "I am thrilled to introduce House Hitched as a pioneering solution to the housing affordability crisis," said Darick Battaglia. "Having spent three decades immersed in the real estate sector, I understand the obstacles that many face when it comes to homeownership. House Hitched is not just a platform; it's a commitment to making a positive impact on people's lives by making housing more attainable."

As the platform gains momentum, it is expected to emerge as a key player in reshaping the future of real estate, offering hope and tangible solutions for Canadians’ struggling in the face of the current housing affordability crisis.

For media inquiries, please contact:

www.househitched.com

The website is a landing page while the app completes its beta testing.

Darick Battaglia
House Hitched Founder
705.623.8658

House Hitched House Hitched is the answer to the housing affordability crisis. We connect buyers and renters with potential housemates.

Realtors, Home Buyers and Mortgage Renewers. You will not find a better tool to help you budget, calculate costs, Determine your home Mortgage preapproval amount, Keep up to date with Mortgage Rates, Compare side by side scenarios than this app that can be easily downloaded for free! Crazy link but it works!

Download My Mortgage Toolbox - Darick Battaglia Download My Mortgage Toolbox and get access to all premium tools to help plan your mortgage.

Does anyone remember why Credit Cards were created?
They were created as a convenience to not carry cash.
To use it you would have to go to the merchant, walk up to the counter with your item to purchase. The clerk would take your card..phone the bank and speak to a teller. The Teller would then confirm that you had enough cash in your savings account to use the card for the transaction!
I know things happen in life that throw curveballs. But If you want to get ahead in life financially don't use your credit card beyond what you can afford to pay to $0 every month.
www.darick.ca and you may not need me to help fix your money problems!

I am excited to announce something new for 2024!
www.yellowbrick.ca
Breaking the conventional barriers between Real Estate and Mortgage Services and Pioneering the model of Dual licensed agents.

Fraser Smith was a best selling author, friend and business partner.
He developed and promoted a Canadian tax saving strategy for home owners that is still relevant today.

Understanding the Smith Manoeuvre: a Canadian mortgage strategy decoded - Mortgage Rates & Mortgage Broker News in Canada For nearly four decades, Canadians have turned to an investment strategy of writing off the interest from mortgage payments as tax-deductible. Known as the Smith Manoeuvre—after its creator, financial planner Fraser Smith—the strategy involves getting a readvanceable mortgage, which includes a l...

The First Home Savings Account (FHSA) is coming as early as April 1, 2023 in Canada, giving first time home buyers the benefit of an RRSP and TFSA combined to help save for their first home.

Here are some of the benefits:

Contributions are tax deductible
Withdrawal to purchase a home is non-taxable
Growth is tax free
Max. $40,000 contribution room
Max. $8000 contribution per year, beginning 2023, including carry forward amount (excess charged 1% penalty each month)
Ex. $5000 contributed in 2023, max. allowed in 2024 would be $11,000 ($8000 plus $3000 carry forward)
Like the TFSA, carry forwards only accumulate once the FHSA is opened.
Must be min. 18 years old, max. 71 years old and Canadian resident
Must not have owned a home in which they lived at during any part of the calendar year or any time in the previous 4 years.
Can make the withdrawal within 30 days of moving in
Can not use funds with a partner that is not a first time home buyer
15 years to grow and use funds for buying a first home
Can hold multiple FHSA, total cannot exceed $40,000.

What Happens if you don’t use your FHSA?

Withdraw your funds and pay tax at your applicable tax rate, or transfer to your RRSP or RRIF tax free and pay tax on withdrawal at retirement income tax rate
Transferred funds do not reinstated the contribution room of the FHSA
Transferred funds into an RRSP do not reduce contribution room, nor are they limited by their available contribution room.

Can you carry forward Undeducted Contributions?

Yes, like an RRSP, you can carry forward indefinitely and deduct contributions in later tax years.

Here is a rough overview of the Bank of Canada's prime rate over the past 50 years:
1970s: The prime rate fluctuated between 5% and 13%.
1980s: The prime rate fluctuated between 10% and 21%.
1990s: The prime rate fluctuated between 5% and 11%.
2000s: The prime rate fluctuated between 3% and 6%.
2010s: The prime rate fluctuated between 3% and 5%.
Industry experts and this chart are indicating that Sharp increases in the rate are often followed by sharp decreases within 2 to 3 years.

Is your mortgage renewing soon and you are worried about the increase in your monthly payment obligation?

By allowing us the opportunity to renew for you and extending your amortization may keep your payment very close to what you currently have now. This strategy is not for everyone as it will delay the paydown of your mortgage but it will certainly make it more affordable. Call my cell for a quick report for you. Make sure you have your current mortgage statement handy when you call. 705 623 8658

Mortgage Broker in Barrie. Over 25 Years in Business. Darick Battaglia Dominion Lending Centres Mortgage Broker in Barrie and Canada. Over 25 years in Service! Mortgage Broker with Competitive Mortgage Rates, Expert Knowledge, Excellent Service, Debt consolidation, Refinance, Home Purchase. Top 1% Dominion Lending Centres Mortgage Broker in Canada. Over 25 years in Service! "When you're lookin...

National Lifetime Top 20 Dominion Lending Mortgage Broker.
I Won't Waste your Time.

Housing Slowdown Continues in July

Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates continued in July, albeit at a slower pace. Home sales recorded over Canadian MLS® Systems fell by 5.3% between June and July 2022. The pace of home sales last month was well below its 10-year moving average as buyers and sellers moved to the sidelines in response to rising mortgage rates and a reassessment of the outlook. While this was the fifth consecutive month-over-month decline in housing activity, it was also the smallest of the five.

Sales were down in about three-quarters of all local markets, led by the Greater Toronto Area (GTA), Greater Vancouver, Fraser Valley, Calgary and Edmonton.

The actual (not seasonally adjusted) number of transactions in July 2022 came in 29.3% below that same month last year.

Housing market analysts at the Canadian banks continued to revise their home price forecasts over the next year. Royal Bank, TD, Desjardin and BMO all project that Canadian benchmark prices will fall roughly 20%-to-25% from their February peak by the end of 2023. Of course, this will vary from region to region. The hardest hit has been the geographies where prices surged the most, especially in the Greater Golden Horseshoe in Ontario and, to a lesser extent, in BC.

However, even if these forecasts prove to be correct, home prices in most regions will remain well above the levels posted before the pandemic began in early 2020. Housing in Canada's largest cities will remain unaffordable for median-income households.

New Listings

The number of newly listed homes fell back by 5.3% month-over-month in July. The decline in new supply was broad-based, with listings decreasing in about three-quarters of local markets, including most significant markets.

With sales and new listings down by 5.3% in July, the sales-to-new listings ratio remained unchanged at 51.7% – slightly below the long-term average for the national sales-to-new listings ratio of 55.1%.

There were 3.4 months of inventory on a national basis at the end of July 2022, still historically low but up quite a bit from the all-time low of 1.7 months set at the beginning of 2022.

Home Prices

The Aggregate Composite MLS® Home Price Index (HPI) edged down 1.7% month-over-month in July 2022. This was similar but less than the 1.9% decline in June.

Regionally, most of the monthly declines in recent months have been in markets across Ontario and, to a lesser extent, in British Columbia.

Prices continue to be more or less flat across the Prairies while only now showing minor signs of dipping in Quebec. On the East Coast, prices continue to rise at a much slower pace. The exception is relatively more expensive Halifax-Dartmouth, where prices have dipped slightly.

The non-seasonally adjusted Aggregate Composite MLS® HPI was still up by 10.9% on a year-over-year basis in July. However, those year-over-year comparisons have been winding down quickly from the near-30% record year-over-year increases logged in January and February.

Bottom Line

The Bank of Canada raised the overnight policy rate by a percentage point on July 13, so the full effect of this jumbo hike will likely spill into the August data. Inflation fell a bit more than expected last month in the US. We expect to see a decline in Canadian CPI inflation in July, as well, when it is published tomorrow morning. Nevertheless, central banks will continue to tighten monetary policy further. CREA today said they expect an additional 100 bp hike in the remainder of this year, which would take the policy rate up to 3.5% by yearend. That would imply a prime rate of 5.7%.

In contrast, the five-year government of Canada bond yield is hovering just under 2.8%, reflective of the economic slowdown in Canada in the second half of this year. This could make fixed mortgage rates more attractive to future borrowers. Should the prime rate hit those levels, many fixed-payment variable rate borrowers that first booked their mortgages when prime touched 2.45%--it's low posted since mid-March 2020-- might be hearing from their lenders regarding potential trigger points. Will this temper Bank of Canada rate hikes?

Probably not. The Governing Council makes its next decision on September 7. Another 50-to-75 bps is baked in at this point.

Fixed Mortgage rates have been on a decline over the past week.

Bond yields dove over 30 basis points on Friday as economic worries start to replace inflation concerns.

Bond yields, which lead fixed mortgage rates, fell to 2.84% on Friday, down from 3.15% on Thursday and well off the 3.59% high reached in mid-June. This leads to lower fixed mortgage rates.

The decline comes due to growing expectations of an economic downturn.

Before you lock into a fixed rate have a discussion with a mortgage broker to help make the right decision.